The Interest Rate Effect

So interest rate went up…by about a half a point. A pretty decent increase. The question has been posed this week…will this have an effect on slowing the market down? I think that’s a good question and based on my own activity this week I think it has. Of course I also think that will […]

A Wholesale Disappearance

Last week Wells Fargo shut down its wholesale lending division. These are loans that are originated by mortgage brokers but ultimately serviced by Wells. It’s thought that this decision was made because Wells came out on the wrong end of a discrimination lawsuit brought by the Department of Justice. Wells settled for $125 mil. Turns […]

Getting A Loan

            A comment from a couple of days ago brought to mind a topic that I hear all the time. The difficulty of getting a loan in this current lending environment. I hear people all the time making the assumption that buyers can’t get loans and thus the real estate […]

About Face

Well, there’s been a pretty nice about face when it comes to Conforming loan limits. They were $729,750 as a result of the mortgage meltdown a few years ago but the Federal Government decided that the should be lowered down to $625,000. Surprisingly to me, the Feds decided last week to raise it again to […]

Loan Mods

Sometime last week I got an e-mail from a client of mine with a question about a loan modification he was attempting. Here’s an excerpt: “Hi Jim; Was wondering if you knew of any honest Home loan modification business’s?  You would not believe what some of these firms want me to do to have my […]

The Down and Dirty

Just about a year ago there was all this nervousness because lenders were tightening up on their criteria and unless you had 20% down it was going to be very hard to buy a home around here. Of course, it is harder when you have 10% or less down and you have to jump through […]

Did You Hear The One About FHA Approval?

Here comes a rant. The title above implies a joke is coming…it is! In September I wrote a post about the difficulty of buying a single family house using an FHA loan. Hilariously, I thought that was difficult! Silly me! Wait until you see what it’s like buying a condo around here using FHA! Here’s the […]

Keeping it Local

I sure keep getting great ideas when blog readers send in questions! I got another great one the other day from Debbie who wanted to know the importance of using a local lender for a purchase. She had been told, erroneously, that it wasn’t OK to use a San Jose lender for her purchase because […]

Fun With Appraisals

A couple of weeks ago at my fun listing at 9 Violet in San Carlos one of the neighbors came into my open house and told me that, in the process of refinancing, his appraisal came in at $710,000. Interesting since he has the identical unit to the one I have for sale…and it’s listed for […]

Help For Jumbo’s

I was going to use a photo of an Elephant, but I decided that I liked this Hong Kong tourist trap better. Of course, neither image is even slightly relevant to this post so it doesn’t make much difference anyway! One of the most difficult aspects of the Real Estate business in this area has […]